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IDEX cryptocurrency exchange review

28 December 2018

IDEX Cryptocurrency Exchange

Wide range of ERC20 tokens

Rewards program for makers and takers

User-friendly interface

Trade more than 250 Ethereum ERC20 tokens on a decentralised exchange.

Though the vast majority of crypto users still buy and sell coins on centralised platforms, decentralised exchanges are on the rise. IDEX is a decentralised exchange where users can buy and sell almost 300 different ERC20 tokens on the Ethereum network.

IDEX aims to provide a secure and user-friendly crypto trading experience. To find out whether it achieves those aims, read on for more details of the pros and cons of IDEX.

Also offers a rewards program that allows makers and takers to earn AURA, the Aurora utility token

Cons

ERC20 tokens only, so you can’t trade bitcoin and a host of other popular currencies

Platform not particularly suited to beginners

Fiat currency trading not supported

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.

What is IDEX?

IDEX is a cryptocurrency exchange that aims to offer the user experience of a centralised exchange without compromising on any of the security benefits offered by decentralised platforms. It offers a peer-to-peer trading environment and uses smart contracts to communicate transactions to the Ethereum blockchain, allowing for the order book and your account balance to be updated in real time.

At the same time, platform users always retain control of their funds. IDEX cannot access your funds until you sign permission cryptographically for it to do so, and private keys are encrypted and then destroyed to provide increased security.

IDEX is part of Aurora, a banking and finance platform made up of a collection of Ethereum-based applications and protocols. Aurora is managed by Aurora Labs S.A., a company located in the Republic of Panama.

Available countries

A global exchange platform, IDEX offers its services to users all around the world.

Which payment methods are accepted?

IDEX offers crypto-to-crypto trading only, so the only way to deposit funds into your account is by cryptocurrency transfer. Fiat deposits are not accepted.

How much will it cost me to use IDEX?

There are no deposit or withdrawal fees on IDEX, but you will need to pay trading fees:

0.2% for market takers

0.1% for market makers

You should also be aware that market takers are responsible for covering the Ethereum gas fees for each trade.

Are there any transfer limits?

IDEX imposes a minimum order limit of 0.15 ETH for market makers, and 0.05 ETH (equivalent) for takers. In order to cover gas fees, a minimum withdrawal limit of 0.04 ETH applies for all tokens.

Is it safe to use IDEX?

As a decentralised exchange, IDEX offers some key security advantages over centralised platforms. It runs as a node on the Ethereum network, which means it offers all the security benefits that blockchains provide.

There’s no central point of failure which hackers can target, and IDEX doesn’t control user funds. Instead, any funds you deposit are held in smart contracts on the Ethereum blockchain, and are only transferred when you use your private key to sign a transaction.

When you unlock your wallet, your private key is encrypted in browser memory and can only be accessed inside the IDEX app. Private keys are never transmitted outside the device, and when you sign out the private key is destroyed from memory.

For further peace of mind, IDEX features Ledger Nano S hardware and MetaMask web wallet integration.

Customer support

If you need help with any basic operations on IDEX, such as unlocking a wallet or buying tokens, you can take a look through a host of step-by-step guides online. There’s also a thorough FAQ page, a “Contact Us” email form and online support via Telegram.

Pros and cons

Pros

Provides access to an extensive range of tokens

Interface is reasonably user-friendly (for a decentralised exchange)

Offers a number of security features and benefits

Ledger Nano S and MetaMask integration

Also offers a rewards program that allows makers and takers to earn AURA, the Aurora utility token

Cons

ERC20 tokens only, so you can’t trade bitcoin and a host of other popular currencies

Platform not particularly suited to beginners

Fiat currency trading not supported

Next steps

Before registering with any exchange, compare a variety of platforms to decide which one is the best fit for your trading needs.

To get started, you’ll then need to:

Unlock your Ethereum wallet

Deposit any tokens you want to trade

Start trading

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.

A writer with a passion for the written word, Tim loves helping Australians compare and find the right products. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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